As it turned out, the small borders only close at 10 pm. No wait and after the border guard took one look at our jam packed car, he just waved us through. So we took the first turn North and entered Canada at a very quiet, rural border post. All the smaller crossings between the US and Canada are not open 24 hours and we did not want to go all the over to I29. It was getting very late and we were anxious not to get to the border crossing too late. Into North Dakota, a quick stop at Minot for lunch and then up into Manitoba. The one thing we did was see the most amazing rainbow that stretched right over the road. There are some interesting rock formations and also quite a lot of history with the Battle of Little Bighorn, but we will have to put those things onto the agenda for another trip. The Eastern end of Montana is rolling countryside, with the occasional small range of hills. We drove through Montana which was not what I had expected. The day was cool and wet most of the way. I don't want to go into another cabin, campground or motel. I had emailed Triple E and asked them to park the motor home in the customer parking so that we could just get into it and settle up with them in the morning. We are going to try and be in Winkler by tonight. 2, 2022.A very early start this morning because we have a lot of ground to cover. This report by The Canadian Press was first published Sept. “You'll know where this market is really settling by early next year.” “There is still a long way to go before this correction sorts itself out,” he said. Some were taking advantage of rate holds, Kavcic said, so the full impact of the rate increase might not be apparent in all the numbers yet.
“Either they've disappeared and they're just out of the market or they've calmed down,” she said.
Others were frustrated with the hike eating away at their buying power. Parkinson noticed clients “becoming more comfortable with the new reality of the current cost of borrowing,” after the Bank of Canada hiked its key interest rate by a full percentage point to 2.5 per cent in July. “But it's soft enough to keep prices under pressure.” “New listings are not rushing onto the market (lowest August since 2010) so, while the market balance is weak, it's not crumbling dramatically,” Kavcic said. New listings last month totalled 10,537, down less than one per cent from 10,615 last August.
Monthly growth in the average price alongside a dip in the index suggests a greater share of more expensive home types sold in August, TRREB said. The seasonally adjusted average selling price was $1,130,463, up about two per cent month-over-month, but down about 12 per cent from $1,285,129, when the region experienced its highest average price in the last 12 months. However, the index was lower compared to July. On a year-over-year basis, the home price index was up by 8.9 per cent and the average selling price for all home types combined was up by 0.9 per cent to $1,079,500. Those that ventured into the market in recent weeks found the prices were below those seen in the frenzied winter months, but nonetheless higher than they had been a year and even a month ago. She heard of a property in Oakville fetching 16 offers, hearkening back to the heated winter market, and some Toronto condos receiving multiple offers, a departure from earlier in the summer. Terry Parkinson, an agent with Royal LePage Signature Realty in Toronto, found some buyers realized how much the market has cooled already and decided to make a purchase last month. The data comes at a time when the region's real estate market has cooled from the heated conditions seen as the year began.Ĭlimbing interest and mortgage rates in recent months have put a damper on sales and started to weigh on prices, ending bidding wars and encouraging prospective buyers to sit on the sidelines and wait for greater price drops.
“We're still bouncing around levels that have only seen worse comparisons at the depth of the COVID shutdown and during the 2009 financial crisis,” he wrote in a note to investors. The 34 per cent year-over-year drop was a lower rate of decline than the previous four months, but BMO Capital Markets senior economist Robert Kavcic saw such figures as “a bit of a mixed picture.” The board said Friday that sales for the month amounted to 5,627 compared to 8,549 last August and 4,900 in July 2022. TORONTO - The Toronto Regional Real Estate Board (TRREB) says August sales were down 34 per cent since last year, but up almost 15 per cent from July, as buyers returned to the market to take advantage of prices that eased from winter's elevated levels.
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